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Early loan repayment on DMP - Interest back?
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Giraffeseeker
Posts: 449 Forumite
in Loans
Hi there,
I have a loan with HSPF which was £13K and on a silly rate of interest (I know, I know) and is now included in my DMP.
Despite paying for 18 months the debt is still at £20K because they front load the interest.
On my DMP they are getting just over half the agreed monthly payment. But after a few years of my DMP my other debts will be gone and this loan will get my whole DMP payment, so 2x or maybe even up to 3x the agreed figure.
I will actually end up repaying this loan about a year early.
Now, in the original agreement it says with early repayment you get interest back on the years you don't use. So provided they don't pass it to a debt collectors, will I have a case for getting a years interest back do you think? Or not, because I have broken my agreed contract?
I have a loan with HSPF which was £13K and on a silly rate of interest (I know, I know) and is now included in my DMP.
Despite paying for 18 months the debt is still at £20K because they front load the interest.
On my DMP they are getting just over half the agreed monthly payment. But after a few years of my DMP my other debts will be gone and this loan will get my whole DMP payment, so 2x or maybe even up to 3x the agreed figure.
I will actually end up repaying this loan about a year early.
Now, in the original agreement it says with early repayment you get interest back on the years you don't use. So provided they don't pass it to a debt collectors, will I have a case for getting a years interest back do you think? Or not, because I have broken my agreed contract?
LBM:1/1/12
Debts @ LBM:£43,546 :eek: Debts now: £9,486 :cool: 78% PAID
Found YNAB 1/2/14 - the best thing EVER!
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